for Math guy only

1. What is hypothesis testing and why is it important?

2. Peer Reponse. Hypothesis testing begins with an assumption which is called a hypothesis.  It is an essential procedure in statistics. The procedure is to evaluate two mutually exclusive statements about a population to determine which statement is best supported by the sample data.  The purpose of hypothesis testing is not to question the computed value of the sample statistic but to make a judgement about the difference between two sample statistics and the hypothesized population parameter. Hypothesis testing provides an opportunity to be rigorous and precise in thinking and in presenting results. The reason hypothesis testing is so important is because It determines if something really happened or not, if certain treatments have positive effects, if groups differ from each other and or if one variable predicts another. When conducting a hypothesis  you should follow  the below steps

• include an “if” and “then” statement (according to the University of California).
• Include both the independent and dependent variables.
• Be testable by experiment, survey or other scientifically sound technique.
• Be based on information in prior research (either yours or someone else’s).
• Have design criteria (for engineering or programming projects).

3. Can you think of some products that were recently introduced to the consumer market? What stages of research does a new product go through before it is launched?

4. Peer Response. The product that comes to my mind that recently launched to the consumer market is the Go-Pro Drone. This product was released at the end of 2015 and more benefits are coming during 2016. This product is camera that catches full action from high above in the sky and it controls with a remote. This aerial photography can capture the whole day of an event or even a wedding. I was at a wedding and there was a drone flying and when the video came out for the wedding this aerial camera is amazing what it captured I was shocked. I was so afraid it was going to fall into the water. 

There are 8 steps to a new product development cycle. First comes with generating the idea by researching internal and external SWOT of market trends so you can distance yourself from competitors. Followed by screening the idea that removed all unnecessary ideas. Once your idea passing a screening you than need to test the concept internally by using family and friends by displaying your concept to them so the consumer can visual it. Once the concept is understood a business case needs to be identified which will include marketing strategies, target market, product positioning, and marketing mix. When the product is approved it will go through a development stage when a prototype is created. The market testing is conducted as a whole with the product and the business plan to validate the whole concept., Pricing and marketing plans are to follow in the communication phase to become ready for the final stage which is to launch the product.